Barry Ritholtz

FEBRUARY 7, 2024

Dividends come from earnings, and so those are sort of anchors to valuation. Jeremy Schwartz : And basically said that there’s huge Tech stocks, triple-digit PEs, you can never justify the valuations no matter what the growth rates are. Present value of future cash flows, any asset is present value of future cash flows.

Investments 118

Investments Valuation Construction Marketing 118

Musings on Markets

OCTOBER 6, 2023

The resulting debate among accountants about how to bring intangibles on to the books has spilled over into valuation practice, and many appraisers and analysts are wrongly, in my view, letting the accounting debate affect how they value companies.

Valuation 126

Valuation Profit and Loss Accounting Investments 126

PYMNTS

AUGUST 31, 2020

Led by General Atlantic, a New York growth equity firm, the round boosted Wish’s valuation to $11.2 The filing comes on the heels of the popular mobile shopping app raising $300 million in a recent Series H funding round. Wish was founded a decade ago by former Yahoo developer Danny Zhang and ex-Google executive Peter Szulczewski.

eCommerce 70

eCommerce Concentration Valuation Startups 70

Barry Ritholtz

AUGUST 1, 2023

Tech Concentration : Yes, a handful of giant tech stocks are driving market gains. But we won’t know how big a losing trade it might be until early 2024, when we see the updated valuations. Recall John Kenneth Galbraith’s observation: “The only function of economic forecasting is to make astrology look respectable.”

Forecasting 98

Forecasting Concentration Valuation Economics 98

PYMNTS

JANUARY 21, 2021

21) that Ant’s valuation may fall all the way to $108 billion due to antitrust concerns. That could happen under Chinese regulators’ proposals to curb market concentration in the country’s online payments market, Ant, best known for its Alipay payments service, calls itself a financial technology company (FinTech). That was then.

Valuation 56

Valuation Concentration Banking Marketing 56

PYMNTS

JANUARY 12, 2021

In today’s top payments news around the world, Checkout.com has brought its valuation to $15 billion after the closing of a $450 million Series C funding round, while Pakistan has debuted a government-run instant digital payment infrastructure. Checkout.com Closes $450 Million Series C For $15 Billion Valuation. Checkout.com, a U.K.

Valuation 54

Valuation Concentration Banking Planning 54

Musings on Markets

OCTOBER 4, 2023

Looking across the risk capital metrics, notwithstanding the recovery we have seen in equities this year, it looks like risk capital is still on the side lines, perhaps because that recovery is concentrated in large and money-making companies. YouTube Video Spreadsheets Intrinsic Valuation of the S&P 500 Spreadsheet

Marketing 121

Marketing Treasury Valuation Investments 121

Musings on Markets

OCTOBER 4, 2021

In this post, I will look at the levers that drive Paytm's value, and you can make your judgments on where you think this offering will lead in terms of valuation and pricing. I know that there are many on both sides of the value divide who will disagree with me on my story and valuation, and that is par for the course.

Valuation 97

Valuation Profit and Loss Investments Numbers 97

PYMNTS

JANUARY 13, 2021

While the risks — and concerns — posed by a highly concentrated customer base are legitimate, they are expected to spread out over time, given the fact that Affirm has thousands of merchant relationships now offering its BNPL financing option. Read More On Affirm: Affirm IPO Now On Track To Raise More Than $1.1

Valuation 66

Valuation Concentration Startups Finance 66

PYMNTS

FEBRUARY 6, 2019

That fundraising activity brings the latest valuation of the firm to $10 billion. The money is concentrated, at least for now and at least in terms of where it is headed. But drill a bit deeper and the investments are revealed to be rather concentrated bets. And the commitment from the investors is substantial.

Valuation 49

Valuation Concentration Investments Retail 49

E78 Partners

JANUARY 5, 2024

Engage Third Parties Early: Engage valuation firms and appraisers early in the process, as these experts can help support audit preparation and reduce hassles later on. Additionally, remember to tackle valuation early and reach out to auditors for guidance on non-recurring or unusual transactions.

Auditing 59

Auditing Valuation Concentration Reconciliations 59

PYMNTS

AUGUST 31, 2020

Led by General Atlantic, a New York growth equity firm, the round boosted Wish’s valuation to $11.2 The filing comes on the heels of the popular mobile shopping app raising $300 million in a recent Series H funding round. Wish was founded a decade ago by former Yahoo developer Danny Zhang and ex-Google executive Peter Szulczewski.

eCommerce 56

eCommerce Concentration Valuation Startups 56

Future CFO

MARCH 23, 2023

This applies particularly when liquidity is tightening sharply and when unrealised valuation losses on asset holdings could be realised if a deposit run forced banks to sell assets, the credit rating agency said. Support for smaller banks may be more variable, the firm noted. “If

Banking 52

Banking Valuation Concentration Risk Management 52

Barry Ritholtz

OCTOBER 2, 2024

Soraya Darabi : About half the time VC firms are concentrated into three metropolitan areas, California, New York, and Massachusetts. Typically the, the valuations are. That’s how sensible the valuations are outside of the major terrains. But it’s just about the combination of a concentration of talent and capital.

Investments 72

Investments Valuation Startups Concentration 72

PYMNTS

NOVEMBER 15, 2019

Grab had a $14 billion valuation in March and in 2018 acquired Uber’s share of the Southeast Asia market. Tan said Grab is concentrating on its customers’ most immediate needs. “We “Once we’re profitable, then we can clearly go to public when we want to,” Tan told CNBC. . “We The sale gave Uber a 23.2

Concentration 50

Concentration Valuation Startups Technology 50

Musings on Markets

JANUARY 12, 2021

I end the class with a corporate finance version of valuation, where I tie inputs into value (cash flows, growth and risk) to investment, financing and dividend decisions. Valuation : It is unfortunate, but for most people, the vision that comes to mind when I say that I teach valuation is excel spreadsheets and high profile company names.

Valuation 52

Valuation Corporate Finance Finance Investments 52

PYMNTS

MARCH 31, 2016

The fact remains that venture capital firms are in the midst of raising money at a level not seen in a decade and a half, and yet, as The Wall Street Journal noted this week, the valuations of some of the highest fliers in the land of startups have started to move back toward earth, which brings to mind Icarus and the sun. With hesitation.

Valuation 40

Valuation Concentration Startups eCommerce 40

PYMNTS

AUGUST 10, 2018

Tax cuts and incitements (last month regulators advocated slashing interest rates for small and mid-sized firms) mean that spending activity is concentrated within China’s borders. Valuation is at risk, and valuations are high. Ostensibly, valuation is underpinned by fundamentals.

Valuation 40

Valuation Concentration Currencies Retail 40

Musings on Markets

JULY 17, 2023

YouTube Video Data Spreadsheets Market Performance in first half of 2023, by country Market Performance in first half of 2023, by industry Valuation Spreadsheets Valuation of the S&P 500 on July 1, 2023 trillion in the first six months of 2023, 97.2% trillion increase in value for all US equities.

Marketing 98

Marketing Treasury Currencies Valuation 98

PYMNTS

JANUARY 12, 2020

Sujith Narayanan and Sumit Gwalani, both co-founders of Google Pay India — formerly called Google Tez — said the seed funding brings the neo-bank startup epiFi to a valuation of roughly $50 million. When we were building Google Tez, we realized that a consumer’s financial journey extends beyond digital payments.

Concentration 40

Concentration Startups Valuation Financial Systems 40

PYMNTS

SEPTEMBER 14, 2016

perhaps not surprisingly, given the two transactions just mentioned — represented the bulk of concentration, to the tune of 86 percent of all investment activity. But Abbo said that most of the platforms from these competitors develop solutions from independent software components known as the open-source Apache Hadoop stack.

Investments 74

Investments Concentration Valuation Technology 74

Barry Ritholtz

SEPTEMBER 3, 2024

I think actually if you go public, there tends to be a more of a concentration in owners holding founder 00:17:41 [Speaker Changed] Stock. But there’s always gotta be some element of the valuation really being compelling. But maybe second to valuation as a primary consideration. It’s about 80%.

Investments 59

Investments Valuation Concentration Marketing 59

Barry Ritholtz

OCTOBER 2, 2024

Soraya Darabi : About half the time VC firms are concentrated into three metropolitan areas, California, New York, and Massachusetts. Typically the, the valuations are. That’s how sensible the valuations are outside of the major terrains. But it’s just about the combination of a concentration of talent and capital.

Investments 52

Investments Valuation Startups Concentration 52

CFO News Room

DECEMBER 5, 2022

As a result, the ‘traditional’ valuation of an advisory firm wasn’t really 2X revenue; it was 6-8X profits, and when advisory firms can run 25% to 30% profit margins, 7X profits at 28% margins came out to almost exactly 2X revenue. (In When it comes to technology firms, revenue valuation multiples are often much higher.

Planning 130

Planning Technology Valuation Communication 130

Musings on Markets

AUGUST 15, 2023

After the rating downgrade, my mailbox was inundated with questions of what this action meant for investing, in general, and for corporate finance and valuation practice, in particular, and this post is my attempt to answer them all with one post.

Investments 98

Investments Currencies Treasury Hurdle Rate 98

Barry Ritholtz

AUGUST 16, 2022

TROPIN: I mean, you know, there were equity hedge funds that were pretty levered, that had pretty highly concentrated, you know, growth bets, and a lot of technology companies and so on. And last market question, so we’ve seen equity valuations come down. TROPIN: Well, I wouldn’t go so far as to say much cheaper valuation.

Profit and Loss 122

Profit and Loss Foreign Exchange Valuation Investments 122

Musings on Markets

DECEMBER 2, 2020

Setting the Table As with any valuation, the first step in valuing Airbnb is trying to understand its history and its business model, including how it has navigated the economic consequences of the COVID. The Valuation To value Airbnb, I will follow a familiar script, at least for me.

Profit and Loss 52

Profit and Loss Valuation Numbers Investments 52

Musings on Markets

JANUARY 9, 2021

To illustrate, consider a practice in valuation, where analysts are trained to add a small cap premium to discount rates for smaller companies, on the intuition that they are riskier than larger companies. It is very likely that these rules of thumb were developed from data and observation, but at a different point in time.

Valuation 52

Valuation Currencies Numbers Corporate Finance 52

Barry Ritholtz

FEBRUARY 6, 2024

And speaking of the.com implosion, like Microsoft via a case study where we, in previous strategies, we held Microsoft for a very long time, that’s where the valuation could help us in the.com bus. As long as the growth rate is there and the the value is reasonable, there’s an opportunity. 00:18:41 [Speaker Changed] Yep.

Valuation 52

Valuation Investments Finance Math 52

Barry Ritholtz

DECEMBER 19, 2023

And when they look at a sector, they want to be long, the very best stocks at the best valuations they can, and short the worst stocks at the worst valuations. 00:21:47 [Speaker Changed] And a lot of funds that have found success seem to have run some pretty concentrated portfolios. You don’t take that approach.

Healthcare 64

Healthcare Investments Construction Concentration 64

PYMNTS

AUGUST 13, 2018

This ignores the fact that the processing rails for this system — bitcoin — is concentrated in a handful of miners in China and the exchanges used to turn bitcoin into the real money that people can spend are routinely hacked. Uber invested in Lime in July as part of a $335 million capital raise that valued the company at $1.1 billion.

Banking 44

Banking Transportation Investments Accounting 44

Barry Ritholtz

FEBRUARY 12, 2024

And since we’re looking for narratives as opposed, and then do valuation work second as opposed to cheap, we don’t screen. You’re outperforming, you’re, you’re putting up good numbers that’s on a concentrated portfolio and it’s 10, 15, 20 stocks are the drivers. Real really interesting.

Investments 117

Investments Marketing Numbers Entertainment 117

Barry Ritholtz

DECEMBER 6, 2022

And we’re having very good conversations with clients that I think, at current valuation levels, they remain, you know, very interested in the market and they see some opportunities. BERRUGA: It’s about the experiences of a prisoner in a Nazi concentration camp and it goes through like, you know, some of the challenges.

Investments 64

Investments Marketing Numbers Risk Management 64

Musings on Markets

SEPTEMBER 9, 2024

In parallel, I also noted that investors have to change the way they value and price companies, to reflect where they are in the life cycle, and how different investment philosophies lead you to concentrated picks in different phases of the life cycle.

Valuation 134

Valuation Construction Manufacturing Marketing 134

CFO News Room

JANUARY 17, 2023

Consequently, I will concentrate this post on how this crisis is playing out in markets, and the effects it has had, so far, on businesses and investments, and whether these effects are likely to be transient or permanent. I revisited my valuation of the index, with the updated values: Spreadsheet to value the S&P 500.

Economics 130

Economics Valuation Treasury Forecasting 130

PYMNTS

AUGUST 1, 2019

The round, which was led by General Atlantic, gives the San Francisco-based app a post-money valuation of $11.2 The popular mobile shopping app Wish has raised about $300 million in a Series H round, according to reports.

Valuation 46

Valuation Concentration eCommerce Retail 46

Barry Ritholtz

AUGUST 20, 2024

And so in the 1990s, I developed the, the late 1980s, early 1990s, I developed a skillset around valuation, in particular discounted cash flow or residual income type models, along with a couple of peers out of the consulting industry. It’s, it’s double concentrated risk. 00:18:19 [Speaker Changed] Right?

Concentration 69

Concentration Valuation Marketing Investments 69